Investors were disappointed and CarMax shares fell in premarket trading.

For the quarter ended Feb. 28, CarMax earned $99.2 million, or 44 cents per share, compared with $107.2 million, or 46 cents per share, a year ago.

The Richmond, Va.-based company said it made an accounting correction during the recent quarter that reduced its earnings per share by 8 cents. Excluding that, it would have earned 52 cents per share. That was a penny below Wall Street expectations.